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Help don't know or not for sure DONT COMMENT Fred Erickson borrows $2,500 for 3 years at 9% annual interest. His montly payment is $79.50. How much total interest will he pay on the loan? A. $238.50 B.
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Help don't know or not for sure DONT COMMENT

Fred Erickson borrows $2,500 for 3 years at 9% annual interest. His montly payment is $79.50. How much total interest will he pay on the loan? A. $238.50 B. $362.00 C. $2,146.50 D. $2,862.00

User Mark Reid
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1 Answer

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He will pay $79.50 per month for 3 years which equals a total of
79.50 * 36 months = 2,862.00
2,862.00 minus 2,500.00 principal = 362.00 interest
answer is B


User Tiwan
by
8.1k points
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